After three consecutive weeks of declines, the Saskatoon real estate sales grew as local REALTORS® reported 129 firm sales to the multiple listing service®. That’s up from 113 last week, and well above the 40 homes that traded over the same week last year.
At the midpoint of April, there were 1447 residential sales reported to the MLS®. That amounts to a 77 percent increase on a year-over-year basis, and I believe it to be a record sales level for any year in Saskatoon’s history.
New listing activity reached a new weekly peak for 2021 with 241 Saskatoon homes being offered for sale, up from 225 last week, and well more than doubling new listings when compared against the same period last year when they fell to just 101.
Active listing inventory grew higher for the eighth consecutive week to reach 1355. That is up 49 from last week’s close, but lower than where it sat at this time last year by just 63 units. That is the smallest year-over-year decline to the active listings numbers since early March of last year when new listing activity lost momentum due to early COVID concerns.
Today, there are 621 single-family homes for sale in Saskatoon, up from 595 a week ago, and down from 830 annually. There are 661 active condo listings, which is up 18 from last week, and up 147 units from a year ago.
30-day sales grew again increasing from 574 last week to 585 this week.
Here’s what “months of inventory ” look like across the broader market, and by category.
All residential - 1355 active listings / 585 sales = 2.3 month supply. (Precisely where we stood a week ago. Seller’s market conditions).
Single-family homes - 621 listings / 397 sales = 1.6 month supply (Again, this is the same as last week. Extreme seller’s market conditions).
Condos - 661 listings / 156 sales = 4.2 month supply. (This is up from 4.0 months last week and now the 11th consecutive week in which condos are in a balanced market territory).
Solid activity above the $500,000 range pushed the weekly median price and the weekly average sale price higher to $374,000 and $379,803 respectively.
The six-week average price grew to $371,150 to reach a new weekly high for the year, and in fact, forever. That measure grew roughly $5,400 from the week before to finish higher annually by $11,500. The four-week median price took a weekly jump from $355,000 to $360,000. It’s up by $40,000 from where it was at the close of the same week last year.
Sellers had their best week yet this year with 34 of the week’s sales reported having sold at a price that was above the seller’s asking price with an average overbid of $10,009. This number is skewed by a handful of exceptionally high overbids including four sales that went more than 20K above the asking price. Meanwhile, 74 sales closed below the asking price with an average discount of $10,048.
Here is a breakdown of what the sales to listing price ratio looked like on this week’s sales. Please note that this chart may show over-list price sales, even when I have reported the number as 0. Those sales are typically new properties that spent some period of time on the market, and most likely sold and included additional improvements that were not reflected in the original list price. For example, a new home listed at $450,000 sells at a price of $490,000 after 120 days on the market may have included a basement development that was not anticipated in the listing price. We report these to you as “at list price sales”, which is likely too generous in some cases, but it’s simply not practical to obtain the full details of each sale.
More weekly stats and numbers for those who love them.
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